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Slovenia – Important Facts

Slovenia is a country in Central Europe bordering the Mediterranean Sea. Neighboring countries include Austria, Croatia, Hungary, and Italy. Despite its small size, Slovenia controls some of Europe’s major transit routes. The Alps dominate northern Slovenia, and numerous rivers lie in the east. The government system is a parliamentary republic; the chief of state is the president, and the head of government is the prime minister. Slovenia has a mixed economic system in which the state is considerably involved in centralized planning, but there is private sector freedom. Slovenia is a member of the European Union (EU).

With excellent infrastructure, a well-educated work force, and a strategic location between the Balkans and Western Europe, Slovenia has one of the highest per capita GDPs in Central Europe, despite having suffered a protracted recession in 2008-2009 in the wake of the global financial crisis. Slovenia became the first 2004 EU entrant to adopt the euro (on 1 January 2007) and has experienced one of the most stable political transitions in Central and Southeastern Europe.

In March 2004, Slovenia became the first transition country to graduate from borrower status to donor partner at the World Bank. In 2007, Slovenia was invited to begin the process for joining the OECD; it became a member in 2012. However, long-delayed privatizations, particularly within Slovenia’s largely state-owned and increasingly indebted banking sector, have fueled investor concerns since 2012 that the country would need EU-IMF financial assistance. In 2013, the European Commission granted Slovenia permission to begin recapitalizing ailing lenders and transferring their nonperforming assets into a “bad bank” established to restore bank balance sheets. Export-led growth fueled by demand in larger European markets pushed GDP growth to 3.0% in 2014, while stubbornly-high unemployment fell slightly to 12%.

Important Details

  • Country ISO3 : SVN
  • Country Code : 705
  • Income Group : High income
  • Lending Category :
  • Region : Europe & Central Asia
  • Currency Unit: Euro
  • WTO Member : Yes
  • Trade organisations : WTO
  • world rank : 90
  • Regional Ranking : 37th in Europe